USEFUL LINKS
DEADLINES & DATES TO REMEMBER
Tax Deadlines
Personal Tax Returns:
April 15th (Covers the Calendar Year January through December)
If you need more time to file, Ask For An Extension
NOTE: Extensions allow you another 6 months to file your Tax Return but do not give you extra time pay. All taxes should be paid with the Extension.
WHEN IN DOUBT, DON'T THROW IT OUT!
Tax Records Retention
Personal Documents To Keep For One Year:
-Bank Statements
-Paycheck Stubs (reconcile with W-2)
-Canceled checks
-Monthly and quarterly mutual fund and retirement contribution statements (reconcile with year end statement)
WHAT YOU NEED TO KNOW NOW ABOUT
COVID-19 in Florida
The elderly and those with underlying medical problems like high blood pressure, heart problems and diabetes are more likely to develop serious illness.
Your first visit with us.
If you don't know what to bring in, please refer to the checklist below.
Briefly, bring in your last year's Tax Return and this year's forms such as W2s, Form 1099s and Mortgage Statements. Also bring in a list of all the usual deductions that you have taken in the past. Refer to you last year's Tax Return as your reminder. Make an appointment once you have everything together.
My office will arrange a half hour interview to go over things. If your situation is more complex or you are bringing in more than one Tax Return, please let us know and we will arrange more than a half hour. Once you are here, I'll review your forms, records and information and tabulate the results. If you are happy with the results, we're done with the exception of filing the Tax Return. If not happy with the results we can discuss other possible deductions that may have been missed.
After you are completely satisfied with the exactness of Tax Return and the results, a Tax Return will be filed with the Internal Revenue Service (IRS) and another with the state tax authority (Franchise Tax Board in California). This is usually done electronically but filing a paper Tax Return is your option. If you have agreed to file electronically, we will send your Tax Return to you via email along with 2 Authorization forms – one for the Federal (IRS) Tax Return and one for the State (FTB or other state authority). These forms give us authorization to send the Tax Returns to the respective tax agencies. Instructions will be included.
If you want to file a paper return, we can mail the Tax Return to you or you can pick them up from our office. Instructions on where to file and when will be included...
Required documents to keep on file:
-Copies of Drivers License or State IDs
-Social Security Cards
-Proof of Residence for dependents claiming EIC
Income documents:
-Income from jobs: forms W-2 for you and your spouse
-Investment income—various forms 1099 (-INT, -DIV, -B, etc.), K-1s, stock option information
-Income from state and local income tax refunds and/or unemployment: forms 1099-G
-Taxable alimony received
-Business or farming income—profit/loss statement, capital equipment information
-If you use your home for business—home size, office size, home expenses, office expenses
-IRA/pension distributions—forms 1099-R, 8606 Rental property income/expense—profit/Loss statement, rental property suspended loss information
-Social Security benefits—forms SSA-1099 Income from sales of property—original cost and cost of improvements, escrow closing statement, cancelled debt information (form 1099-C)
-Prior year installment sale information—forms 6252, principal and Interest collected during the year, SSN and address of payer
-Other miscellaneous income—jury duty, gambling winnings, Medical Savings Account (MSA), scholarships, etc.
Other tax documents:
-IRA contributions
-Energy credits
-Student loan interest
-Medical Savings Account (MSA) contributions
-Moving expenses (for tax years prior to 2018 only)
-Self-employed health insurance payments
-Keogh, SEP, SIMPLE and other self-employed pension plans
-Alimony paid that is tax dedcutible
-Educator expenses
-State and local income taxes paid
-Real estate taxes paid
-Personal property taxes—vehicle license fee based on value
-Estimated tax payment made during the year, prior year refund applied to current year, and any amount paid with an extension to file.
-Direct deposit information—routing and account numbers
-Foreign bank account information—location, name of bank, account number, peak value of account during the year
Tax deduction documents:
-Advance Child Tax Credit payment
-Child care costs—provider’s name, address, tax id, and amount paid
-Education costs—forms 1098-T, education expenses
-Adoption costs—SSN of child, legal, medical, and transportation costs
-Home mortgage interest and points you paid—Forms 1098
-Investment interest expense
-Charitable donations—cash amounts and value of donated property, miles driven, and out-of-pocket expenses
-Casualty and theft losses—amount of damage, insurance reimbursements
-Other miscellaneous tax deductions—union dues, unreimbursed employee expenses (uniforms, supplies, seminars, continuing education, publications, travel, etc.) (for tax years prior to 2018 only)
-Medical and dental expenses